As AI technology continues to advance, so do the tactics scammers use. In a recent phone scam, several people were made to believe that their family members had been killed in a car crash using an AI-generated voice that cloned her brother’s voice. The scammer then requested money.
This tactic is likely to be used against businesses, too. Scammers can clone the voice of a CEO, manager, or director and use it to call clients, employees, or partners and ask them to make cash transfers. This is a serious issue that small business owners must be aware of and take proactive measures to prevent falling victim to such scams.
In this article, we will discuss the rise of voice-cloning AI scams and how small business owners can protect their businesses and clients from financial losses. We will provide actionable steps that small business owners can take to safeguard their businesses and educate their employees and family members about the dangers of voice-cloning AI scams.
Voice-cloning AI scams are a type of phone scam where scammers use AI technology to clone voices and make fraudulent calls. Scammers can clone the voice of a CEO, manager, or director and use it to request cash transfers from employees, clients, or partners.
Scammers can use AI technology to clone voices by training the AI model on a person’s voice. They can do this by collecting voice samples of the person from public sources such as videos, podcasts, or social media. Once they have enough voice samples, they can train the AI model to replicate the person’s voice and use it to make fraudulent calls.
There have been several incidents of voice-cloning AI scams in recent years. In one such incident, a CEO of a UK-based energy firm was scammed out of €220,000 when a scammer cloned his voice and instructed his finance team to transfer the money to a Hungarian supplier. In another incident, a German executive was scammed out of €220,000 when a scammer cloned his voice and instructed his accountant to transfer the money to a Hungarian bank account.
Small businesses are at a high risk of falling victim to voice-cloning AI scams. Scammers can use the cloned voices of CEOs, managers, or directors to request cash transfers from employees, clients, or partners. This can result in significant financial losses for small businesses, which may struggle to recover from such losses.
Voice-cloning AI scams can also damage the reputation of small businesses. If a small business falls victim to such a scam, it may be seen as negligent in the eyes of its clients, employees, or partners. This can result in a loss of trust and credibility, which can be difficult to regain.
The first step in preventing voice-cloning AI scams is to set up clear guidelines for your employees regarding financial transfers, requests, and payments. Ensure that your employees are aware of the protocols to follow when a request is made. Make it impossible for them to carry out purchases or transfers above a certain figure without secondary authorization.
It’s important to educate your team members and family members about the dangers of voice-cloning AI scams. Share the news articles and videos about the recent incidents of such scams, and explain to the more vulnerable family members that you will never call them and ask for money. If they ever receive such a call, make sure they have a process in place to double-check before making any transfers.
If you are ever unsure about a request that has been made to you, the easiest thing to do is to hang up and video call the person making the request or ask them a “safe question” to check that they are who they say they are. Always be cautious about requests for large sums of money, and verify that the person requesting the transfer is indeed who they claim to be.
Technology solutions can also help protect small businesses from voice-cloning AI scams. For example, using voice biometrics can help verify the identity of the person making the request. Additionally, using two-factor authentication can add an extra layer of security to financial transactions.
Small business owners must stay updated with the latest trends and tactics used by scammers to protect their businesses from financial losses. This includes subscribing to relevant newsletters, following industry experts on social media, and attending webinars and conferences related to cybersecurity and fraud prevention.
Voice-cloning AI scams are a serious issue that small business owners must take seriously. Scammers can use the cloned voices of CEOs, managers, or directors to request cash transfers from employees, clients, or partners. This can result in significant financial losses and damage to the reputation of small businesses.
To protect their businesses and clients, small business owners must set up clear guidelines for their employees, educate their team members and family members about the dangers of voice-cloning AI scams, double-check requests, use technology solutions, and stay updated with the latest scams. By staying vigilant and proactive, small business owners can prevent voice-cloning AI scams from affecting their businesses and clients.